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SoftBank's AI-focused SPAC SVF Investment Corp. files for a $525 million IPO

December 21, 2020

SVF Investment Corp., a blank check company formed by SoftBank targeting artificial intelligence, filed on Monday with the SEC to raise up to $525 million in an initial public offering.

The San Carlos, CA-based company plans to raise $525 million by offering 52.5 million units at $10. Each unit will consist of one share of common stock and one-fourth of a warrant, exercisable at $11.50. Pursuant to a forward purchase agreement, the sponsor may buy an additional $250 million worth of units at the closing of an acquisition, or up to $300 million at the sponsor's discretion. At the proposed deal size, SVF Investment Corp. will command a market value of $656 million.

The company is led by CEO and Chairman Rajeev Misra, who currently serves as CEO of SoftBank Investment Advisers and as a Corporate Officer and EVP of SoftBank Group. He is joined by CFO and Director Navneet Govil, Managing Partner and CFO of SoftBank Investment Advisers. SVF Investment Corp. plans to capitalize on the impacts of artificial intelligence and the global transition to the interconnection of everyday computing devices through the internet, with an intent to identify, acquire, and manage a business in a technology-enabled sector where management has differentiated experience and insights.

SVF Investment Corp. was founded in 2020 and plans to list on the Nasdaq under the symbol SVFAU. Citi, Deutsche Bank, and Cantor Fitzgerald are the joint bookrunners on the deal.